1st May 2015 07:19
LONDON (Alliance News) - Shares in Pure Wafer PLC soared 84% Friday morning after it announced that it has received a settlement from its insurers following a fire at its Swansea premises last December, which it plans to return to shareholders.
Although the company said that there are a number of liabilities it will need to negotiate and as a result disclosing the amount of the settlement would be "potentially misleading" at this stage, it said the return to shareholders is likely to be at a value "significantly higher" than the average price of 59.59 pence at which its shares have traded since November 2012.
It added that it believes this return is unlikely to be more than 125 pence per share.
Shares in the company are trading up 84% at 105.00 pence Friday morning, comfortably the best performer on the AIM All-Share.
The silicon wafer reclaim services firm said it had considered the costs of rebuilding the factory, but it has decided that a distribution to shareholders will result in a more certain return than could be achieved from rebuilding the facility. It is currently working with the affected staff of the Swansea facility.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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